Feedback on wittix.com

[yngmind]

Any feedback on wittix.com EMI.
It's like Wise they offer personal and business accounts.

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[EliasIT]

Thanks for pointing in the direction of this EMI, I will try to apply for an account with them.

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[DerAufklaerer]

Wittix is licensed and regulated by the Supervision Service Department of the Central Bank of Lithuania and is granted Electronic Money Institution (EMI) licence No. 48, with a payment system participant code No. 33000, and conducts business under the laws of the Republic of Lithuania.

So i thnk it will reported likely ZEN

 

[yngmind]

Please check their AUP before applying -

https://wittix.com/acceptable-use-policy

Lots of countries are not accepted, including the UAE.

I have read some reviews on their Trustpilot page regarding the corporate account, and it's not nice.

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[EliasIT]

yngmind said:
I have read some reviews on their Trustpilot page regarding the corporate account, and it's not nice.
Click to expand...

really you consider Trustpilot to be trustworthy when it comes to services like this ?

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[yngmind]

EliasIT said:
really you consider Trustpilot to be trustworthy when it comes to services like this ?
Click to expand...

Seems like a legit review, though.

So, to get the corporate account, you need to pay a fee for the account opening and provide a lot of documents.

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[Forester]

DerAufklaerer said:
Wittix is licensed and regulated by the Supervision Service Department of the Central Bank of Lithuania and is granted Electronic Money Institution (EMI) licence No. 48, with a payment system participant code No. 33000, and conducts business under the laws of the Republic of Lithuania.

So i thnk it will reported likely ZEN
Click to expand...

For sure; and what's the problem?
(Be advised that you will be reported sooner or later by any institution from some AEOI/CRS country.)

EliasIT said:
really you consider Trustpilot to be trustworthy when it comes to services like this ?
Click to expand...

yngmind said:
Seems like a legit review, though.
Click to expand...

Well, the validity and reliability of Trustpilot reviews is really close to zero in many cases. Keep in mind that these reviews are (mostly/very frequently) made by biased people who, in addition, lack the knowledge at the field of financial services.

yngmind said:
So, to get the corporate account, you need to pay a fee for the account opening and provide a lot of documents.
Click to expand...

It's not exceptional with LT EMIs.
Yet in general, as of the latest actions of the LT regulator, it is better to look elsewhere, I am afraid.

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[EliasIT]

Forester said:
Well, the validity and reliability of Trustpilot reviews is really close to zero in many cases. Keep in mind that these reviews are (mostly/very frequently) made by biased people who, in addition, lack the knowledge at the field of financial services.
Click to expand...

Well said, trust pilot in the financial industry is most often worthless.

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[EliasIT]

DerAufklaerer said:
So i thnk it will reported likely ZEN
Click to expand...

Reporting is not the problem for my current business, to find reliable EMI's is the problem.

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[yngmind]

EliasIT said:
Reporting is not the problem for my current business, to find reliable EMI's is the problem.
Click to expand...

Did you open an account with them?

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[Lincoln Burrows]

They're very expensive even for first-tier personal/business accounts, which are supposedly low-risk; they charge "€5 + 0.15%" for every sent/received transaction. Both a static fee and a percentage is criminal!

They also don't support SEPA Instant like most of the crappy EU banks/EMIs, so if someone sent you a payment Friday night, you'll get it Monday morning (hopefully).

 

[JohnnyDoe]

Crypto friendly?

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[Lincoln Burrows]

JohnnyDoe said:
Crypto friendly?
Click to expand...

No.

You cannot open or hold a Wittix account if you carry out any sort of business or activity that relates to the following*:

• Crypto Exchanges/Initial Coin Offering (ICO);

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[JohnnyDoe]

Lincoln Burrows said:
No.
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This means that you can't run a crypto exchange business or an ico through them, not that they are against crypto.

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[Lincoln Burrows]

JohnnyDoe said:
This means that you can't run a crypto exchange business or an ico through them, not that they are against crypto.
Click to expand...

any sort of business or activity that relates to the following*:

 

[JohnnyDoe]

Lincoln Burrows said:
any sort of business or activity that relates to the following*:
Click to expand...

I don't run an crypto exchange or launch icos. I want to know if I can process through wittix fiat that originates from legitimate crypto transactions and come from regulated exchanges or the other way around.

Last edited: Nov 18, 2024
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[Lincoln Burrows]

JohnnyDoe said:
I don't run an crypto exchange or launch icons. I want to know if I can process through wittix fiat that originates from legitimate crypto transactions and come from regulated exchanges or the other way around.
Click to expand...

 

[JohnnyDoe]

Lincoln Burrows said:
View attachment 8234
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Thank you. Therefore, they suck.

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[cryptotree]

I have tried to send crypto there from an exchange and they didn't allow it (about 1.5 years ago)

 

[Jeanvaljean]

Yes they really suck !!! I've opened with them, as soon as the first wire landed , my account under review asking thousands of irrelevant questions